Econ Final

“I felt good because I helped someone who had a problem.”  This person experienced

Hamburgers and hamburger buns are considered

Choosing a variety of investments is known as

These are two benefits people experience when they save money

A person who leaves a job to look for a better one is a percentage of those who are

Which phase of the business cycle is characterized by a slowdown in business?

This is the study of concepts and ideas that affect an entire economy

“An airline buys another airline.”  This would be an example of a

Which of the following is a market dominated by a few large sellers?

When a 3rd party makes a legally binding decision, union and management have engaged in

Entertainment expenses are an example of

During the winter months, many farmers and landscapers experience

A certificate of deposit is an example of a

Liability is also known as

As a whole, these business organizations bring in the most money in the United States

If consumers expect the price of beef to rise the next month, the demand for beef will

Consumers choose what to

Which of the following is a franchise?

A nation’s bridges, roads, schools, and airports are part of its

Ideas & laws guaranteeing representation of women & minorities in the workplace are 

The structures, buildings, machinery, and tools used in the production process are called

Designer jeans and different fast food restaurants are part of what type of market structure?

The construction of a shopping mall is an example of  which of the following 4 sectors of GDP?

In this market there was

Liquidity refers to the ability to quickly

Which speaker is describing a capitalist economy?

Full employment means

For a period of time, most people considered Microsoft a

All of the following are economic questions except

Clothing, food, and shelter are examples of human

To set products apart from  competitors, sellers in a monopolistic market use product

Which of the following would be considered a fixed cost?

Patents and copyrights are associated with what market structure?

Which of the following factors influence the business cycle?

If a pizza company purchases a faster oven, the supply of pizza will

What is the approximate point of equilibrium price and quantity of D’D’ and S’S’?

A table showing the quantity supplied at different prices is known as a

Which sector of GDP would the purchase of airplanes by the United States Air Force be included?

If the cost of a product is small portion of consumers’ income, that product will have

All of the following are weapons used by management except:

The state would set the price of consumer goods in which of the following economies?

Which speaker is discussing a mixed economy?

All of the following are weapons used by workers except:

Which category of GDP includes the largest percentage of the money?

Which speaker is discussing a traditional economy?

If the inflation in a particular country is extremely high, it means that

The demand for _______ would be inelastic

In this market, demand might have changed because

In the cereal market, 3 companies have ~ 80% of sales.  Why are there many brands of cereal?

If you own a share, you actually own

When sellers secretly agree to set production levels or prices, it is called

If the price of jelly goes up, the demand for peanut butter will

If a pizza company pays more for cheese, what would probably take place?

Which speaker is describing a command economy?

According to curve DD, at an original price of 4, consumers demanded an approximate quantity of

The disadvantages of partnerships include

People are forced to make decisions about how to use resources effectively because

According to curve S’S’, suppliers supply an approximate quantity of _____ at a price of 4

Shopping you see pants & a T-shirt you like. If you buy the pants, what's the opportunity cost?

Which one of the following is a court order requiring workers to report back to work?

Serious recessions in 1974-75, 1980-82, 1990-91, and 2007-2009 were marked by high levels of

Which phase of the business cycle is characterized by economic growth?

The most common type of business organization in the United States is the

If a study showing eating beef increased a person’s lifespan, what would probably take place?

If you wanted to be guaranteed that you are in a union, you would be in this type of business

When people are buying stock, 7 the Dow Jones Industrial Average rises over a period of time

Competition in the field of agriculture best fits into what market structure?

“An airline buys oilfields and a fuel transportation network.”  This would be an example of a

Ownership of private property is a characteristic of

If new pollution controls are imposed a wrench company, the supply of wrenches will

What is the approximate point of equilibrium price and quantity of  DD and SS?

Salt has inelastic demand.  How will a small increase in price affect the demand for salt?

In this market, supply might have changed because:

The Law of Demand states that as price goes up:

This is the idea that government should not interfere in an economy

In what business organization do 2 or more people enjoy equal decision-making authority?

The payment that financial institutions receive in return for making loans is called

Profit is best defined as

An example of a nonprofit organization is

The numerical standards often used for employing women and minorities are known as

The total cost of credit expressed as a yearly percentage is known as the

The basic fact of economic life is